DW Healthcare Partners (DWHP) a healthcare-focused private equity firm, has completed its investment in Parnell Pharmaceuticals Holdings Ltd (Parnell).
Founded over 50 years ago in Australia, Parnell is a fully integrated manufacturer and developer of animal health pharmaceuticals focused on the US market.
“Parnell has an attractive position with an FDA approved manufacturing facility dedicated to animal health drugs with a particular focus on sterile injectables,” says Eric Moore, Principal at DWHP. “Alan and Brad have done a great job building a quality and compliance culture at the Company and over the last three years have dramatically transformed the organisation. We look forward to helping them accelerate growth in the coming years.”
“We are very excited to partner with Alan, Brad, and the rest of the Parnell team. We look forward to leveraging our experience in animal health to help support Parnell and believe there is significant opportunity to expand the product portfolio in order to strengthen the Company’s partnership with its customers,” says Doug Schillinger, Managing Director at DWHP.
“DWHP’s entry to the Parnell share register is an exciting breakthrough moment for the Company and its shareholders. DWHP has widely demonstrated its investment prowess in healthcare and the faith that Doug, Eric and everyone at DWHP has placed in Parnell is both an endorsement of our strategy and a recognition that we have one of the most dynamic and dedicated teams in our industry. The DWHP expansion of our Board of Directors and capital structure strengthens us in our mission – to build success for our customers,” says Dr Alan Bell, Parnell’s Executive Chairman.
“The completion of DWHP’s investment in Parnell marks another major milestone in the achievement of our long-term strategy,” says Brad McCarthy, Parnell’s Chief Executive Officer. “For the last three years we have focused on turning the organisation around; growing top line whilst further enhancing our manufacturing and digital capabilities. Having achieved this, the next step was to find a partner who could not only provide the financial strength and industry expertise to help take us to the next stage, but one who also shared the passion and cultural values that Parnell has for the animal health industry. We believe we have clearly found that in DWHP and I’m extremely excited to be taking the next phase of our journey with Doug, Eric, Jay and the entire DWHP team.”
Concurrent with the close, Jay Benear, Doug Schillinger, and Eric Moore will join Alan Bell and Brad McCarthy on the Board of Directors at Parnell. Parnell represents the fourth investment in DWHP’s fifth fund.